Many Tennesseans struggle with paying their monthly credit card payments. To make matters worse, some credit card companies take advantage of this situation and raise annual percentage rates and fees, driving consumers further into credit card debt. In 2009, the Credit Card Accountability, Responsibility and Disclosure Act came into effect to protect consumers who are in this situation.
After a divorce, it is common for Tennessee residents to believe that they are no longer responsible for their joint credit card accounts if the other spouse has agreed to pay them. But what they may not know is that credit card companies are not parties in a couple's divorce decree. This means that one person cannot be taken off a joint account after a divorce and both parties are responsible for the monthly bill.
When Tennessee consumers are struggling with overwhelming credit card debt, where should they turn? Bankruptcy, debt settlement and debt consolidation are touted as popular options. What else can be done to get a person back on track financially?
With unemployment common in Tennessee and other parts of the country, many Americans have resorted to living mainly on credit cards, which means dealing with huge amounts of debt. There are many options for reducing debt, but what many people do not know is that before filing for bankruptcy, they can often contact their credit card companies directly and ask for a lower minimum payment, even a lower balance altogether. The trick is knowing how to do it.
Although some Tennessee residents use their credit cards wisely, many tend to splurge on daily expenses. Then, when the bill comes, they can barely make the minimum payment. This leads to a vicious cycle of high credit card debt. Compounding this situation is the occasional emergency - the car breaks down, the dog has to go to the vet or a personal item is stolen and has to be replaced. Because these consumers lack the savings to pay these unexpected bills, they use their credit cards.